8月15日，今日央行发布2025年第二季度中国货币政策执行报告。谈及下一阶段货币政策主要思路，报 告指出，落实落细适度宽松的货币政策。根据国内外经济金融形势和金融市场运行情况，把握好政策实 施力度和节奏等。 业内专家对智通财经记者表示，下一步实施好适度宽松的货币政策，关键还是抓好落实，对前期政策的 传导情况和实际效果要密切跟踪，保持连续性，增强灵活性，充分释放政策效应。同时，巩固拓展经济 回升向好势头，需要强化宏观政策取向一致性，进一步发挥政策合力。 货币政策更加注重金融服务实体经济的质效 "面对上半年复杂严峻国际环境以及诸多不确定性，货币政策组合拳与其他宏观政策相互配合，为推动 经济回升向好持续营造适宜的环境。"对于二季度货政报告总结的上半年货币政策执行情况，业内专家 对智通财经记者表示。 就上半年货币政策实施效果，市场人士表示，近些年货币政策一直是支持性的，2020年以来人民银行已 累计降准12次，累计下调政策利率9次，带动1年期和5年期以上LPR分别下降115个、130个基点。这些 政策举措，既有总量保障也有结构优化、价格引导，既有传统工具的拓展优化，也有新工具的探索创 新，在注重部门协调的同时，也强调 ...

Group 1 - The narrow growth gap between M1 and M2 indicates a significant increase in the liquidity of the economy, with M1 growing by 4.6% year-on-year as of June, a notable rise of 2.3 percentage points from May [1] - The acceleration in M1 growth reflects enhanced economic activity, driven by recent financial policies that have restored market confidence and stimulated effective demand [1] - The ongoing transformation of the domestic economy necessitates a focus on expanding effective domestic demand, particularly in consumption [1] Group 2 - China's multi-tiered consumer finance service system has developed significantly, with credit support playing a crucial role in stabilizing the consumer market [2] - Structural contradictions in the consumption sector remain prominent, particularly in high-quality service areas such as tourism, healthcare, and elder care, indicating a need for improved financial products and services [2] - Recent initiatives by the People's Bank of China aim to enhance service consumption supply, which is a key direction for future macroeconomic policies to promote consumption [2] Group 3 - Increasing residents' income levels is essential for stimulating consumption potential, with estimates suggesting that a 1% increase in the income share of low- and middle-income groups could generate an additional 250 billion yuan in consumption [3] - Future efforts should focus on improving disposable income and enhancing social security levels in areas such as healthcare and education to boost consumer capacity and willingness [3] - Strengthening the macroeconomic foundation and improving employment and income levels are critical for enhancing consumption efficiency and environment [3]

日前，北京市人民政府印发《北京市深化改革提振消费专项行动方案》(以下简称《方案》)，围绕六个 方面提出24项任务。其中一方面是优化服务消费体验。《方案》明确提出，挖掘文娱消费新内涵、打造 旅游消费新场景、激发体育消费新活力、满足教育培训新需求、培育美丽健康消费新引擎、提供家政服 务新供给。 服务消费，一头连着经济，一头连着民生，涵盖餐饮住宿、家政服务、养老托育、文娱旅游、教育体 育、居住服务、健康服务等多个领域。除了北京外，近期还有多地密集出台提振消费专项行动方案。 值得一提的是，6月份，中国人民银行等六部门联合印发《关于金融支持提振和扩大消费的指导意 见》，其中除了提到前期已经设立的服务消费和养老再贷款工具外，还明确提出支持发展服务消费，通 过加大对服务消费重点领域信贷支持力度等一系列举措，助力挖掘释放服务消费潜力。 罗志恒认为，提振服务消费需要从需求端的收入保障和供给端的质量提升两个方面同时发力，通过系统 性政策组合推动服务消费实现高质量发展。 粤开证券首席经济学家罗志恒在接受《证券日报》记者采访时表示，服务消费的重要性日益凸显。在宏 观经济层面，服务消费是稳增长、稳就业、稳民生的重要抓手；在区域发展层面 ...

Group 1 - The effect of subsidies on consumption is expected to gradually weaken over time, while service consumption shows significant growth potential [1][3] - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and 0.1% year-on-year, with the core CPI (excluding food and energy) rising by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month [1] - The overall low price level in the market is attributed to supply-demand imbalances in the domestic economy and declining international energy prices [1] Group 2 - Over-competition in certain industries is linked to the current low price levels, with recent price cuts in the automotive sector impacting upstream steel companies [2] - Experts emphasize the need for macro policies to focus on expanding domestic effective demand, particularly consumer demand, amid external uncertainties and structural economic transitions [2] - Policies like "trade-in" programs have shown effectiveness in boosting consumption, but future efforts should also aim to enhance disposable income and social security levels [2] Group 3 - China is transitioning to a high-quality development phase, with an increasing demand for high-quality services in consumer spending [3] - The People's Bank of China's recent introduction of service consumption and elderly care refinancing tools is seen as a way to enhance service supply and meet consumer needs [3] Group 4 - The financial system in China significantly supports consumption, with the total consumer loan balance reaching 58.7 trillion yuan by the end of 2024, which is 7.8 times that of 2010 [4] - The availability of consumer finance products has increased, improving the convenience of consumer financing for residents [4] Group 5 - There is a notable shortage of quality service supply in certain inclusive sectors, which presents an important focus for future financial policies aimed at promoting consumption [5] - While lower interest rates can theoretically promote consumption, the sustainability of consumer loans must be balanced with the financial institutions' operational costs [5]